Monday, December 5, 2022

KSE-100 plunged 267 points on FATF, MFN concerns despite Saudi announcements


Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

The benchmark KSE-100 index of Pakistan Stock Exchange (PSE) plunged 267 points 0r (0.66%) closed at 40,219 on Monday Market took negative stance on 200 percent duties implemented from India by removing Pakistan from MFN status, calling off the dialog between US- Taliban and FATF concerns despite historical accords signed between Pakistan and KSA.

Market opened on a positive note and increased by 168pts, however, selling pressure ensued that plunged the market by 3:00 PM to 40,000 (a drop of 487pts). Last half hour saw recovery of 230pts that brought the total loss towards 255pts.

Volumes were led by Cement Sector (that saw FCCL, DGKC and MLCF trading in red). Banking sector also saw selling pressure that brought HBL and UBL trading below yesterday’s close. Although KEL topped the volumes chart, the total volume traded was anemically low of 6.3M shares.

The Index closed at 40,219pts as against 40,487pts showing a decline of 267pts (-0.7% DoD). Sectors contributing to the performance include Cement (-65pts), Banks (-58pts), Fertilizer (-38pts), Power (-16pts) and Pharma (-15pts).

Volumes increased slightly from 93mn shares to 99mn shares (+6% DoD). Average traded value also increased an inch towards US$ 34mn as against US$ 33.8mn the other day (+1% DOD).

Stocks that contributed significantly to the volumes include KEL, PAEL, FFL, LOTCHEM and STPL, which formed 27% of total volumes.

Stocks that contributed positively include PSO (+16pts), OGDC (+7pts), NESTLE (+5pts), POL (+4pts), and KTML (+3pts). Stocks that contributed negatively include LUCK (-23pts), DGKC (-20pts), DAWH (-18pts), UBL (-18pts) and MARI (-18pts).

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